In 2024, Nigeria’s auto market adjusted to a new reality.
Following months of foreign exchange volatility and tightening import regulations, buyers recalibrated their priorities.
Affordability, fuel efficiency, and reliability took precedence over badge prestige. Even among wealthier customers, value retention and cost of ownership began to influence decisions in ways rarely seen before.
According to the latest foreign trade report from the National Bureau of Statistics (NBS), the total value of passenger car imports dropped by 14.3% to N1.26 trillion, down from N1.47 trillion in 2023.
The decline came on the heels of a dramatic spike in 2023, when vehicle importation had more than doubled compared to 2022. By 2024, the market had cooled, and both consumers and importers recalibrated.
In this article, we take a look at the best-selling vehicles of 2024, offering a snapshot of how middle- and upper-income Nigerians adapted to economic pressures, what corporate buyers prioritized, and why certain models consistently moved off lots while others sat unsold.
Below is a breakdown of the models that dominated the Nigerian market and the average price tags they carried
- Price: N42m
The 2016 to 2017 Mercedes-Benz GLE350 appeals primarily to upper-middle-class and high-income Nigerian professionals, business owners, and executives who value both performance and prestige.
These are individuals in industries like oil and gas, tech, real estate, finance, and entertainment, many of whom see the GLE350 as a reflection of personal success and upward mobility.
For this group, the GLE350 delivers the luxury of a high-end brand with the practicality of an SUV fit for Nigeria’s roads. Its spacious, tech-forward interior and smooth drive make it a go-to choice for those who want comfort without compromising their image.
I think you are talking about new cars and should have pointed it out.
Cos when it comes to new & used, no cars pushed through the doors like Corolla (2003 – 2024) & Honda Accord (2013 – 2021).
I saw a post on X that concurred.
https://x.com/autocareplusng/status/1943945135198228920?t=i5wtLFGnFPnXwGuDHHNxPQ&s=19